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Opening a bank account

Discussion in 'Banking - Investing - Finances' started by marc.oz, May 12, 2016.

  1. marc.oz

    marc.oz DI Junior Member

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    I don't know.
    Does anyone know which bank will let me open a dollar bank account with minimum paperwork and without an ACR?
    The Philippine National Bank expects a citizen to have 2 photo-bearing government issued IDs (e.g., driver’s license, SSS/ GSIS ID, voter’s ID, PRC license, passport). I don't know what sort of ID a foreigner is supposed to have in this case.
    I'll only be in Duma for a few days and want to take the opportunity set up an account in order to send some money to myself before I move there permanently.
    Cheers
     
  2. rbrown

    rbrown DI Member

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    Try BDO....in town or at Robinsons. Not sure about a dollar account but you should be able to set up an account to transfer to and it will be converted to pesos upon arrival.
     
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    marc.oz

    marc.oz DI Junior Member

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    I don't know.
    Thanks rbrown, I'll give it a go.
     
  4. KINGCOLE

    KINGCOLE DI Senior Member Highly Rated Poster

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    I believe you are now required to have a TIN Number to open a bank account. Best to go to any bank and ask what the requirements are. Are you retiring here with a government pension. Best to give some information here regarding your circumstances, as retirees here will give you all the advice you need before visiting the banks and wasting a lot of time.
     
    Last edited: May 12, 2016
  5. Jack Peterson

    Jack Peterson DI Forum Luminary Highly Rated Poster SC Connoisseur Veteran Air Force

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    A member had stated this before but I am sure this can't be. To get a TIN, one would I imagine, have to pay tax in the PI.
    I doubt any of us Do so I can't see it. A friend of Mine opened a PNB account 3/4 weeks ago with just his passport and 2 I/Ds + His ACR card which I do believe, they require now. As we always say, Your Mileage may vary and certainly Bank to Bank
     
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  6. KINGCOLE

    KINGCOLE DI Senior Member Highly Rated Poster

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    I believe you are now required to have a TIN Number to open a bank account. Best to go to any bank and ask what the requirements are. Are you retiring here with a US government pension. Best to give some information here regarding your circumstances, as US retirees here will give you all the advice you need before visiting the banks and wasting a lot of time.
     
  7. KINGCOLE

    KINGCOLE DI Senior Member Highly Rated Poster

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    Jack this happened to me 2 months ago when I tried to open a second account at BPI, the form they gave me had a required a TIN Number, you don't have to pay tax, but it is just to register you. As I didn't want them knowing any more about me, I declined the offer.
     
  8. Dave_Hounddriver

    Dave_Hounddriver DI Forum Patron Highly Rated Poster

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    Can you suggest when that happened as I opened an account for my filipina spouse in Jan of this year and in Jan of last year and for myself in May of last year and in Jan of 2 years back. I was not required to have a TIN for any of them so perhaps this is a requirement at some other bank? Not at one of the 3 banks I went to?
     
  9. robert k

    robert k DI Forum Patron Highly Rated Poster Veteran Army

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    The TIN number issue came up when I was buying a car. One lawyer said I needed one and I told him no I don't. Eventually he agreed that as I am a foreigner, no I don't. I was not required to provide a TIN when I opened a bank account either. I suppose it could be a new regulation on bank accounts for foreigners but I think someone got it wrong.
     
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  10. Show Pony

    Show Pony DI Senior Member Highly Rated Poster Showcase Reviewer

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    I have a savings account which earns a little interest from time to time.
    Whenever there is a credit for interest there is an accompanying withdrawal for tax.
    You probably do need a TIN so the bank has somewhere to send the withheld taxes.
    I have never done a tax return here and don't plan on it.
     
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